Paper 4, MBA 723-01, By Waqas Sher Zaman, Prof.

Ed DeJaegher, Feb 23th, 2014,

pg. 1

Assignment 4
Economic Benefits of Education

Paper 4, MBA 723-01, By Waqas Sher Zaman, Prof. Ed DeJaegher, Feb 23th, 2014,

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Introduction: Knowledge is power and therefore learning is the most important which a person can possess in this world. Knowledge not only enables individuals to reap its benefits but it is also very beneficial to the society as well as the country. This paper discusses the economic benefits of knowledge for the individuals, society and country.

The Benefits of Education for the Individual: Education is one of the most lethal weapon in the modern day. Education not only increases the awareness of the person about what is right and what is wrong but it also enables him to increase standard of living as well as increasing his self-confidence. People with higher level of education are less likely to have problem in obtaining jobs, regardless of their gender, ethnicity and race. According to the report published in 2007 by US bureau of labor statistics the unemployment rate of people graduated from college is only 2.4% which is almost the half when compared to the high school graduates (5.2%) and less than one third the rate of high school dropouts (8.5%) [1]. People having professional degree are more likely to work for an employer that offer pension plan (69%) and are more likely to participate in pension plan(89%). Furthermore, these people are more likely to have been provided with health insurance from their employers [2].Another important personal benefit which reaped by the individual who have higher education level is that these people live nine years more compared to the dropouts and these people are less vulnerable to diabetes, cancer, lung disease, cardiovascular disease and other type of infections. Higher level of education is related with improved health

Paper 4, MBA 723-01, By Waqas Sher Zaman, Prof. Ed DeJaegher, Feb 23th, 2014,

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across all ages and earnings [2].Other personal benefits which can individual can achieve through better and higher education is to have better employee benefit packages, longer vacations and better work conditions.

The Benefits of Education for Society as a Whole: Individuals receive better economic benefits in terms of more lifetime income due to better and high education but it isnt these individual who benefit from these gains but the whole society gains from it. These individual will be more likely to have higher incomes and are more likely to pay more taxes. Similarly, they will also be having better health which again benefits the society and these individuals are also more likely to depend on government social schemes and they will probably get more engaged in civic activities. People with education are more likely to have job which provides them with health insurance as well as retirement benefits. This will result them to have access to better health care services which in turn will lead to longer and healthier lives. These healthier lives thereafter lead to decrease in public spending on these people, therefore reducing the government costs. Hence education not only brings with itself important and significant benefits to the society by providing greater employment opportunities but it also increases the income of the people because of their superior and enhanced skills and better social status.

Paper 4, MBA 723-01, By Waqas Sher Zaman, Prof. Ed DeJaegher, Feb 23th, 2014,

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The Impact of Education on the Economic Conditions of a Country: Every country can benefit from a good educational system. In many countries with additional year of schooling people earn 10% higher wages, which in turn contribute to national economic growth. Education helps in the political stability of a country, because educated people handle political matters through critical thinking, which adds as strength for the country. It helps in the growth of the civil society; it allows people to learn more about their rights and their duties and then exercise it accordingly which results in an educated population of a country. Dee (2004) and Milligan et al (2004) estimate that an additional year of schooling increases voter registration and voting in the US, with impacts typically ranging from 30% to 40% [3]. Educated people elect officials who are educated enough to plan ahead. A country prospers this way, because the laws then will be wise and government incompetence and public corruption is better dealt. Educated citizens practice more reasonable citizenry.

Conclusion: Education is not only benefits individual but it also has significant benefits for the society as well as for the country. A knowledgeable person is not only a self-dependent but is also an asset to a society as well as the country.

Paper 4, MBA 723-01, By Waqas Sher Zaman, Prof. Ed DeJaegher, Feb 23th, 2014,

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References
1. Bureau of Labor Statistics. (2007, July). Labor Force Population from the current Population Survey. Retrieved from http://data.bls.gov/timeseries/LNS14000000 2. College Board. (2007). Education Pays: The benefits of higher education for individuals and society. Retrieved from http://www.collegeboard.com/prod_downloads/about/news_info/trends/ed_pays_ 2007.pdf
3. Milligan, Kevin, Enrico Moretti, and Philip Oreopoulos (2004). Does Education

Improve Citizenship? Evidence from the United States and the United Kingdom, Journal of Public Economics, 88(9-10):1667-1695. 4. Institute for Higher Education Policy, Washington, and D.C. The Broader Societal Benefits of Higher Education. Retrieved from http://jcu.edu/academic/planassess/planning/files/Planning%20articles/Broader%2 0Social%20Benefits.pdf

Paper 4, MBA 723-01, By Waqas Sher Zaman, Prof. Ed DeJaegher, Feb 23th, 2014,

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Paper 4 Rubric

Total 100 points

Criteria

Unacceptable

Acceptable

Proficient

Student Points and Comments

Discusses the benefits of an education for the individual.

Vaguely discusses the benefits of an education for the individual or completely off the topic.

Discusses the benefits of an education for the individual and, for the most part, fulfills assignment requirements.

Discusses the benefits of an education for the individual and demonstrates solid ability to accomplish the assignment.

(0-11 points) (12-13 points) (14-15 points) Discusses the benefits of an education for society as a whole. Vaguely the benefits of an education for society as a whole or completely off the topic. Discusses the benefits of an education for society as a whole and, for the most part, fulfills assignment requirements. Discusses the benefits of an education for society as a whole and demonstrates solid ability to accomplish the assignment.

(0-11 points) Discusses the impact of education on the economic conditions of a society. Vaguely discusses the impact of education on the economic conditions of a society or completely off the topic.

(12-13 points) Discusses the impact of education on the economic conditions of a society and, for the most part, fulfills assignment

(14-15 points) Discusses the impact of education on the economic conditions of a society and demonstrates solid ability to accomplish the

Paper 4, MBA 723-01, By Waqas Sher Zaman, Prof. Ed DeJaegher, Feb 23th, 2014,

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requirements.

assignment.

(0-19 points) Integrates established managerial economics principles into the discussion. Rarely integrates established managerial economics principles into the discussion.

(20-22 points) For the most part, does a good job of integrating established managerial economics principles into the discussion.

(23-25 points) Consistently does a good job of integrating established managerial economics principles into the discussion.

(0-11 points) Synthesizes relevant information and materials to provide evidence of critical thought. Synthesizes information at a minimal level.

(12-13 points) For the most part, effectively synthesizes information, which supports main ideas.

(14-15 points) Consistently and effectively synthesizes information, which provides strong support to main ideas.

(0-7 points) (8 points) Uses supporting documentation that has been properly references and cited. Inadequate or minimal use of supporting documentation or not properly referenced or cited. For the most part, uses supporting documentation that is properly referenced and cited.

(9-10 points) Consistently uses supporting documentation that is properly referenced and cited.

(4 points) (0-3 points)

(5 points)

Paper 4, MBA 723-01, By Waqas Sher Zaman, Prof. Ed DeJaegher, Feb 23th, 2014,

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Considered holistically, demonstrates the ability to write at the graduate level.

Considered holistically, the student demonstrates an inadequate ability to write at the graduate level.

Considered holistically, the student demonstrates an acceptable ability to write at the graduate level.

Considered holistically, the student demonstrates a proficient ability to write at the graduate level.

(0-11 points)

(12-13 points)

(14-15 points)

SubTotal Points =
Turnitin.com Did not turn paper into Turnitin.com Minus 10 points Revisions based on the originality Report. Did not revise paper based on the originality report Minus 10 points

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Total Points